Q 7.25: why are payments through checks and/or electronic fund transfers (efts) the best method for expenses that are not incidental?
The checks and electronic fund transfers are the best methods of payment for not incidental expenses because it ensures better internal control over cash disbursement.
Further Explanation:
Internal control: It is a process of establishing control over organization activities. Business deals with different kinds of activities. The management of the company should control and manage the activities to ensure the effective performance of every activity. The control over these activities is known as an internal control. The internal controls over cash disbursement are:
• Segregation of Duties
• Authorization and Processing of Disbursements
• Managing Restricted Funds
• Check Signing
• Internal Accounting Controls Checklist
Incidental expenses refer to small expenditures that are associated with the business. Since the expenses are of small amount related to the these can be paid by cash. If expenses are of large amount and are not incidental, it is better to pay them with electronic fund transfer or check to have better authenticity of the transaction. It states better control over cash activities.
Therefore, the checks and electronic fund transfers are the best methods of payment for not incidental expenses as they ensure better internal control.
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Answer details:
Grade: High School
Subject: Auditing
Chapter: Internal control
Keywords: Checks and electronic fund transfers, best methods of payment, not incidental expenses, internal control, cash disbursement.
Checks and electronic fund transfers are best for non-incidental expenses due to their ease of use, security, and their ability to serve as proof of payment. They provide easy access to funds and eliminate the risk of loss or theft associated with cash transactions. Additionally, they are convenient for larger amounts or recurring transactions.
Explanation:Payments through checks and/or electronic fund transfers (EFTs) are considered best for non-incidental expenses due to their ease of use and enhanced security. For one, both methods facilitate transactions by giving you easy access to your money.
Checks can be written for any amount
and serve as proof of payment. On the other hand,
EFTs
allow you to transfer funds from your bank account directly to the receiver's account, which is especially useful for larger amounts or recurring transactions. It also eliminates the risk of loss or theft associated with cash transactions. Furthermore, in the case of checks, many banks offer checking accounts that will pay an interest rate similar to a savings account.
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In one statistics course, students reported studying an average of 9.92 hours a week, with a standard deviation of 4.54. jessica is working two jobs and struggles to find time to study, averaging only 3 hours per week. what percent of students are at least as extreme as jessica, in both directions? (round z score to two decimal places.)
Partial performance cannot override the statute's requirement for a written agreement.
a. True
b. False
The answer is true. It is because the actions of both groups or individuals has showed agreement in which they don’t need to write it or provide any written agreement even if needed because they have proven both of their existence.
Why must certified sustainable palm oil plantations be required to minimize their use of fire and pesticides?
A new company manufactures tennis rackets. The fixed expenses are $78,490 and the variable expenses are $14 per racket produced. What is the expense of producing 3,500 rackets?
The solution for the problem follows:
Expense = variable expenses * quantity of produced + fixed expenses
= 14q + 78,490
= 14 (3500) + 78, 490
= 49000 + 78,490
= $127, 490 is the total expense for 3,500 tennis rackets
Get the per piece expense by dividing 127,490 to 3500
Expense per piece = 127,490 / 3500
= $36.43
Final answer:
The expense of producing 3,500 rackets is calculated by adding the fixed cost of $78,490 to the total variable cost (3,500 rackets × $14 per racket), resulting in a total production cost of $127,490.
Explanation:
Calculating Total Production Cost
To find the expense of producing 3,500 rackets, we need to calculate both the fixed and variable expenses. The total fixed cost is given as $78,490, which remains the same regardless of the quantity produced. For variable expenses, it's $14 per racket. So, for 3,500 rackets, the total variable cost would be 3,500 rackets times $14 per racket.
Total Variable Cost: 3,500 rackets × $14/racket = $49,000
Now, we add the total variable cost to the fixed cost to get the total cost of production.
Total cost = Total fixed cost + Total variable cost = $78,490 (fixed) + $49,000 (variable) = $127,490
Therefore, the expense of producing 3,500 rackets is $127,490.
Free trade refers to a situation where _____. taxes are not imposed on goods that are produced and sold within a country goods and services are offered for free to the citizens by a government a government does not try to influence what its citizens can buy from global markets firms that function in a country are not taxed on the profits that they generate
Suppliers, customers, employees, products and services, and ________ are the five basic components with which businesses must deal.
As she runs a race, aggie's heart starts beating faster to help her body keep up with its increasing need for oxygen. aggie can largely thank her ________ for this change.
The part of her body that Aggie should be thankful of in producing the change in scenarios like that is the hindbrain of which is composed of the medulla, pons and cerebellum which is located in the lower brainstem. This is responsible with categorizing the CNS portions for its development and the roles it produces.
Doris, an eighty-seven-year-old widow, collapsed while shopping at a store. she was taken to the detroit city hospital by ambulance. she stayed there for fourteen days and was then transferred to another hospital, where she later died. she never regained consciousness. after she died, the hospitals and the ambulance company sued her estate to recover their expenses. will doris's estate be held liable for the medical bills?
What are two jobs that ms. haddix did before she published her first book?
Who is ultimately responsible for making compensation policy decisions?
a. labor unions
b. top management
c. hr specialists
d. supervisors
e. employees?
Uses the same underlying philosophy as shortest job next, where the shortest jobs are processed first and longer jobs are made to wait.
Anything entered as a service charge or as interest earned during a bank reconciliation will be entered automatically when the reconciliation is complete.
a. True
b. False
Smith plumbing supply has completed a swot analysis. the company is in a good position financially and has decided to use some of the opportunities it has identified. the most likely course of actions is
Cassandra's demand for orange juice is price elastic. a severe frost destroys much of the florida orange crop. cassandra ______.
Occurs when a case is retried on appeal, rather than simply being reviewed on the record
What kind of inhibitor is a transition state analog usually classified as?
You heard that rating agencies have upgraded a bond's rating. the yield on the bond is likely to
What steps have u.s. firms taken to regain a competitive edge in the global marketplace? explain?
U.S. firms have taken steps such as increasing innovation, investing in technology, and expanding their global presence to regain a competitive edge in the global marketplace.
Explanation:U.S. firms have taken several steps to regain a competitive edge in the global marketplace. One major strategy is to increase innovation and research and development efforts in order to create new and improved products and services that can stand out from the competition. They are also investing in advanced technology and automation to increase productivity and reduce costs. Additionally, firms are expanding their global presence by entering new markets and forming strategic partnerships with local companies.
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WHATS THE BEST MOVIE TO SEE ON THEATERS RIGHT NOW?
The 'best' movie to see in theaters is subjective and depends on each person's preferences. With a vast selection of films from superhero to comedies, the choice should be based on an individual's taste. Checking ratings, reviews, and movie genres can guide one's choice.
Explanation:Deciding the best movie to see in theaters is rather subjective and largely dependent on personal preferences. The movie business today is controlled by six major studios which deliver around 130 feature films annually. These studios typically look for storylines that are original yet relatable, drawing from past hits for inspiration.
Popular genres include superheroes, science fiction, fantasy, comedies, and animation. Sequels and movies with special effects are quite common. Per the dialogue from Robert Altman's satire, 'The Player', effective films usually blend elements of violence, suspense, laughter, hope, heart, nudity, sex and ultimately, a happy ending.
Owing to this, the 'best' movie for someone might be a riveting superhero film or an intriguing sci-fi, depending on their individual taste. Therefore, it is recommended to check the ratings, reviews, and genre of films currently showing to identify what might be the best for you.
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Roughly 40 to 45 percent of the u.s. population falls within the
Answer:
middle class
Roughly 40 to 45 percent of the U.S. population falls within the middle class. How might working class people also be described? Working class people might also be described as lower-middle class.
The supreme court struck down an affirmative action program designed to award 10 percent of government contracts to minority firms on the basis that
Which of these is the largest difference between developed and developing countries?
Answer: the level of wealth
Explanation:
Apex answer
When you purchase an existing business why is it important to know the owners reason for selling ?
Knowing a business owner’s reasons for selling is essential, as it provides insights into the business's current and potential situation. It may indicate potential growth or possible risks. Understanding these reasons is part of a buyer’s due diligence in assessing the transaction's value.
Explanation:Understanding the owner's reason for selling a business is crucial, as it may illuminate invaluable insights about the business's current situation and potential future. If an owner is selling due to retirement or a career change, it may indicate a stable business with potential for growth. However, if dissatisfaction, declining profits, or other negative factors are driving the sale, these could be red flags. Depending on the circumstances, potential buyers may need to consider restructuring costs, future revenues, and possible reputation damage when assessing the transaction's value.
Companies often aim to cultivate repeat customers and garner recommendations, and thus, a firm's reputation becomes vital. For instance, grocery stores with a strong reputation can charge higher prices than temporary stands at farmer's markets, signaling consumers' trust in their quality and continuity. In contrast, businesses suffering significant reputational damage may face lower customer trust, which could be a key reason for selling.
Finally, as businesses mature and become profitable, personal knowledge of the managers and their business plans becomes less important. However, when buying an existing business, the buyer should ensure that they can continue or improve the company's success without personally knowing the previous owners. Thus, understanding the reasons behind the sale remains a vital component of due diligence.
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When convertible debt is retired by the issuer, any material difference between the cash acquisition price and the carrying amount of the debt should be?
A teacher sets up a machine that beeps at random intervals; research has demonstrated that, if students check "yes" or "no" in answer to whether they were paying attention when the beeper beeps,
Today, labor unions represent about ________ percent of the labor force. quilet
When amy's entire family tried advising her on her science project, she politely told them that too many cooks spoil the broth?
Amy’s expression of having to say ‘too many cooks spoil the broth’ is a way of saying that if too many people are going to be involved, it may ruin the project as this shows in the scenario above of Amy’s family advising her on her project.
Jerry lost his credit card and instead of reporting it right away, he decides to continue looking for it believing he could find it. Some time passes and after two weeks, he logs into the account activity page of his credit card and sees a recent $500 internet purchase that was made by someone else. At that moment, he calls to report his card stolen. How much of this $500 charge is Jerry at risk for having to pay?
Jerry is at the risk of losing $500.
Further Explanation:
Credit card:
A credit card is issued by banks and other financial institutes. It is a plastic card that has the specific details of the individual, lends him some specific money, and allows him to withdraw the funds from the account of the bank. The credit card can be used for the purchase of goods and services. The line of credit is the maximum amount that the credit card holder can withdraw.
Lost credit card:
When the credit card is stolen or lost because of the mistake of the credit card holder, then the holder of the card is liable for any amount withdrawn from the account. The bank has not made any mistake from their side. The bank will not be liable for any fraud amount withdrawal.
When jerry lost his credit card, and someone else withdraws $500 from his account, then the bank is not liable for any refund because the credit card was used in the correct process, and the bank was right at their part. Therefore, the bank will be liable for any withdraw. Jerry is liable for the whole payment because he did not report the lost credit card.
Thus, Jerry is at the risk of losing $500.
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Answer Details:
Grade: Senior School
Chapter: Money & Banking
Subject: Business Studies
Keywords: Jerry, lost, credit card, instead, reporting, right away, decides, continue, looking, believing, could find it, Some, time, passes, after, two weeks, logs, into, the account, activity, page, internet purchase, someone else, report, card is stolen, this, risk.
The organizational structure of tata consultancy services (tcs) is a ___________ organizational structure.
The organization structure in TCS is "Hierarchical Organization Structure".
Hierarchical organization structure is a top to down pyramid framework used to compose and orchestrate the connections between the elements in an association. Obligations and rights are focused on the highest point of the pyramid and decisions come from the top down. The pyramid can be steeper. Steep pyramid has many levels of administration, so a unit of association is relatively small.